NRI - the Non Resident Indian

Friday, January 6, 2012

According to the organisers, over a thousand delegates have registered for the three day event.

The theme of PBD this year is “Global Indian – Inclusive Growth”. It seeks to enable the global Indian to provide impetus to the India's growth. Big words. Let's see how this sees the light of the day.

Prime Minister of Trinidad and Tobago, Kamla Persad Bissessar, is the chief guest.

Thursday, October 20, 2011

RBI has allowed Non-resident Indians to hold their foreign currency accounts in any currency that is fully convertible. Authorised Dealer banks in India can now accept FCNR (B) deposits in any permitted currency.

This move will help NRIs by giving them more options in the holding of accounts, and lessen the risk from fluctuations in major currencies. Earlier, Foreign Currency (Non-Resident) Account (Banks) (FCNR(B) account holders were allowed to hold accounts in only certain currencies such as the Pound Sterling, US dollar, Japanese yen, euro, Canadian dollar and Australian dollar.

RBI has also said that any citizen who was earlier residing in a foreign country can own or transfer property or other assets in that nation if it was acquired during the time of his residence there. RBI’s statement says, “A person resident in India is free to hold, own, transfer or invest in foreign currency, foreign security or any immovable property situated outside India if such currency, security or property was acquired, held or owned by such person when he was resident outside India or inherited from a person who was resident outside India.”

NRIs can now be joint account holders in resident SB, EEFC, and RFC accounts. Indian residents can include non-resident close relatives as joint holders in their resident bank accounts. However, non-resident relatives will not be eligible to operate the account during the lifetime of the resident account holder.

NRIs and PIOs are allowed non-resident external ( NRE) rupee account schemes and foreign currency non-resident (FCNR) accounts with their resident close relatives as joint account holders on a 'former or survivor' basis now. The resident relative should be eligible to operate the account as a power of attorney holder during the lifetime of the NRI or PIO account holder.

Resident Indians can now gift shares and debentures up to $50,000 in a financial year. Resident individuals are now permitted to make rupee gifts within the overall limit of $ 2,00,000 in a financial year to a NRI or PIO who is a close relative.

Resident Indians can now lend in rupees within the overall limit under the liberalised remittance scheme of $2,00,000 in a financial year to a NRI or PIO who is a close relative. The loan should be free of interest. The minimum maturity of the loan should be one year.

Many PIOs have been charged in the biggest credit card fraud in the US in October 2011.
Such people are giving a bad name to Indian communities and are hurting the goodwill that the hardworking Indians have generated throught the globe.
Full report on US credit card fraud and Indians is here.

About 40,000 delegates are attending the three-day literary and cultural event organised by the state government to promote Kannada culture and literature.

Narayana Murthy, who had invited criticism for not speaking in Kannada said in his inaugural address, "I have worked in Ahmedabad, Mumbai, Pune, Paris so I know some other languages. But in my heart I am always a Kannadiga. My language at home is Kannada - even if my business language is English."

Aishwarya Rai made an appearance though opposition by Shiv Sena who feel that Maharashtrians are discriminated against in Belgaum.